Bitcoin Technical Analysis: $100K in Sight as Bulls Battle Key Resistance Levels – Markets and Prices Bitcoin News
Bitcoin, currently coasting along at $96,566 to $96,751 over the last hour, with a 24-hour volume of $27.76 billion and a market valuation of $1.92 trillion, has been bouncing between $93,444 and $96,794, hinting at exciting volatility according to technical indicators.
Bitcoin
On the hourly chart, bitcoin‘s price has been on an impressive upward climb from $92,768 to $96,794, now taking a little breather. This chill near resistance levels hints at an upcoming breakout or a slight backtrack, with support at $95,800 and resistance waiting at $97,500. Volume spikes during these ascents point to a flurry of activity, possibly from those cashing in or making strategic moves.
Switching to the 4-hour chart, bitcoin’s recovery from $91,000 to $96,794 is bolstered by consistent higher lows and an upbeat momentum. Key levels to watch are $94,500 for support and $97,500 to $98,000 for resistance, coinciding with noticeable volume upticks around these markers. The price action shows a recovery within a wider range, buoyed by heightened interest at crucial points.
The daily chart showcases a shift from a downward trend, where bitcoin rebounded from a local bottom of $91,315 and soared past $96,000. Moving averages like the EMA and SMA across different timeframes reveal a mixed bag of emotions, with immediate buy signals clashing against resistance from longer-term averages.
Oscillators, such as the relative strength index (RSI) at 51 and the Stochastic at 34, stay neutral, pointing to market indecision. The momentum oscillator gives a buy signal at 1,955, while the MACD at −616 suggests lingering selling pressure. Together, they paint a picture of a market that’s balanced yet cautious.
Bull Verdict:
Bitcoin’s recent recovery from $91,000 to $96,794, coupled with bullish signals from short-term moving averages and upward momentum on hourly and 4-hour charts, indicates the potential for a breakout above $97,500. A successful breach of this resistance could pave the way for a test of the $100,000 psychological barrier, bolstered by strong market interest and steady volume spikes.
Bear Verdict:
Despite the recovery, neutral oscillators and selling pressure indicated by the MACD suggest caution. If bitcoin fails to break above $97,500 or retraces below $94,500, bearish momentum could take over, potentially testing support levels around $91,000 as the broader market sentiment appears mixed.
